Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on December 2, 2025
- The company is engaged in distribution, marketing, retailing and after-sales services of Swiss Luxury Watches.
• It maintains 70+ points of sale nationwide, and 2 service centers.
• The company posted inconsistency in its top and bottom lines for the reported periods.
• Based on its recent financial data, the issue appears fully priced.
• Well-informed/cash surplus investors may park moderate funds for medium term.
ABOUT COMPANY:
Luxury Time Ltd. (LTL) is engaged in the distribution, marketing, retailing, and after-sales servicing of Swiss luxury watches, as well as the distribution of watch service-related tools and equipment in India. Headquartered in New Delhi, it is supported by a team of seasoned professionals with expertise in luxury watch distribution, retail management, after-sales servicing, precision tools & machinery, and brand marketing.
Incorporated in 2008, LTL serves as the exclusive authorized distributor in India for Luxury Swiss watches brands — TAG Heuer, Zenith, Bomberg and Exaequo. In addition, it has entered into a joint venture with an Indian listed luxury watch retail company to operate exclusive mono-brand boutiques, currently managing two stores at the Mall of Asia, Bengaluru, and Palladium Mall, Mumbai.
The company maintains a retail footprint of 70+ points of sale (POS) nationwide, including mono-brand boutiques, multi-brand outlets (MBOs), and digital platforms. Its network spans all major metros and key cities such as Delhi, Mumbai, Bengaluru, Hyderabad, Ahmedabad, Pune, Surat, Kolkata, Chennai, Coimbatore, Chandigarh, Ludhiana, Cochin, and Lucknow.
In the after-sales vertical, it operates two service centers in Mumbai and Delhi, supported by a network of 20+ authorized and dealer-operated facilities across India. The company also acts as an authorized service provider and spare parts authorized distributor for multiple Swiss luxury watch brands, providing technical support, training, and certification to ensure global standards of service. In the tools and machinery vertical, it is the exclusive authorized distributor in India for Luxury Swiss Watches tool manufacturers—Bergeon and Horotec—specializing in watchmaking and jewellery-making equipment. Its clientele includes large-format watch manufacturers, national jewellery chains, and independent service professionals.
Over the years, it has built long-standing partnerships with global luxury brands while adapting their retail and marketing strategies for the Indian market. LTL’s strategic priorities include premium brand positioning, PR and merchandising, event activations, and adoption of digital technology for operations and customer engagement. As of September 30, 2025, it had 17 employees on its payroll.
ISSUE DETAILS:
The company is coming out with its maiden book building route combo IPO of 2284800 equity shares of Rs. 10 each to mobilize Rs. 18.74 cr. at the upper cap. The IPO comprises of 1828800 fresh equity shares (worth Rs. 15.00 cr. at the upper cap), and an Offer for Sale (OFS) of 456000 equity shares (worth Rs. 3.74 cr. at the upper cap). The issue opens for subscription on December 04, 2025, and will close on December 08, 2025. The company has announced a price band of Rs. 78 – Rs. 82 per share. Post allotment, shares will be listed on BSE SME. The minimum application to be made is for 3200 shares and in multiples of 1600 shares thereon, thereafter. The issue constitutes 27.68% of the post-IPO paid-up capital of the company. From the net proceeds, it will utilize Rs. 9.00 cr. for working capital, Rs. 2.82 cr. for capex on setting up of 4 new retail stores, and the rest for general corporate purposes.
The IPO is solely lead managed by GYR Capital Advisors Pvt. Ltd., while MASS Services Ltd., is the registrar to the issue. Giriraj Stock Broking Pvt. Ltd. is the market maker. GYR Capital Advisors Pvt. Ltd. is a syndicate members and Intellect Stock Broking Ltd. is a sub-syndicate member.
The company has issued initial equity capital at par value, and issued further equity shares at a fixed price of Rs. 272.33 per shares in January 2025. It has also issued bonus shares in the ratio of 6 for 1 in February 2025. The average cost of acquisition of shares by the promoters/selling stakeholders, is Rs. 1.43, and Rs. 10.05 per share.
Post-IPO, company’s current paid-up equity capital of Rs. 6.43 cr. will stand enhanced to Rs. 8.25 cr. Based on the upper price band of the IPO, the company is looking for a market cap of Rs. 67.69 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted total income / net profit, of Rs. 52.86 cr. / Rs. 2.58 cr. (FY23), Rs. 50.59 cr. / Rs. 2.01 cr. (FY24), Rs. 60.78 cr. / Rs. 4.29 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it posted a net profit of Rs. 2.01 cr. on a total income of Rs. 24.91 cr. The company marked a setback for FY24. Perhaps the company has shown inflated margins to pave the way for fancy valuations for the IPO.
For the last three fiscals, the company has posted an average EPS of Rs. 5.28, and an average RoNW of 20.22%. The issue is priced at a P/BV of 2.53 based on its NAV of Rs. 32.47 per share as of September 30, 2025, but its post-IPO NAV data is missing from the offer documents.
If we attribute annualized super earnings of FY26 on post-IPO paid-up capital, then the issue price is at a P/E of 16.84, and based on its FY25 earnings, the P/E stands at 15.77. Thus, the issue appears fully priced. It is operating in a highly competitive and fragmented segment.
For the reported periods, the company has posted PAT margins of 4.88% (FY23), 4.01% (FY24), 7.12% (FY25), 8.09% (H1-FY26), and RoCE margins of 28.08%, 18.25%, 29.78%, 12.41% respectively for the referred periods.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects.
COMPARISON WITH LISTED PEERS:
As per offer document, the company has shown Ethos Ltd., as its listed peer. It is currently trading at a P/E of 84.0 (as of December 01, 2025). However, they are not truly comparable on an apple-to-apple basis. This comparison appears to be an eyewash.
MERCHANT BANKER’S TRACK RECORD:
This is the 52nd mandate from GYR Capital in the last four fiscals. Out of the last 11 listings, 3 listed at par, and the rest with premium ranging from 4.91% to 90% on the date of listing.
Conclusion / Investment Strategy
LTL is engaged in distribution, marketing, retailing and after-sales services of Swiss Luxury Watches. It maintains 70+ points of sale nationwide, and 2 service centers. The company posted inconsistency in its top and bottom lines for the reported periods. Based on its recent financial data, the issue appears fully priced. Small post-IPO equity base indicates longer gestation for migration. Well-informed/cash surplus investors may park moderate funds for medium term.
Review By Dilip Davda on December 2, 2025
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
